Before you rent out your property get a professional assessment of how to set a rental price that will be both profitable and fair.
ConBiz will do all the legwork for you so that you can be confident you will be asking for the most realistic and lucrative price for your rental.
To assess your rental worth, first we check the market for your area, supply and demand. There are a number of factors to be taken under consideration:
Location/Neighborhood
Before assessing the property itself, location of the rental is one of the most deciding factors that determine its potential for profitability. Obviously the cost of rent for a property that is situated in a run-down area that has a high crime rate will go for significantly less money than a rental in a safe, clean and secure area where you can walk around without looking behind your back every step of the way
Some of the factors to take under consideration are:
- Nearby facilities such as parks, banks, dining and shopping areas
- For families with young children proximity to schools can be a deciding factor
- Proximity to medical care services
- Easy access to public transportation
Furnished or Unfurnished
Some renters come with a lot of their own stuff and prefer an empty property to rent. Others may come with only a few suitcases and boxes and will need a completely furnished. These are deciding factors when setting the price of rent. When renting out a furnished place, the condition of the furnishings and facilities weigh into the price. Obviously a fully or partially furnished house will go for slightly more than an unfurnished place.
Size, Space and Number of Rooms
An important factor in fixing a rental price is the number of bedrooms, closet space and bathrooms. Square footage of the spaces is also taken into consideration.
Windows and Southern Exposure
Everyone likes a sunny well-lit home and properties with southern exposure can affect the price of rental in a positive way. Windows facing south receive the greatest amount of light while windows with a northern exposure receive the least amount. These factors carry weight in assessing the value of your property.